+RZFDQ,EUHDNP\VXJDUDGGLFWLRQ"

+RP H $XWRV 5HDO(VWDWH -REV &ODVVLILHGV $SSV 3ODFHDQ$G %X\ 3LFWXU HV %X\ 7LFNHWV 'HDORIWKH'D\ /RJLQ 5HJLVWHU

6,7( %/2*6 ',6&866,216 :(% 6HDUFKSRZ HUHGE\

+HDOWK 6($5&+

1HZV 6SRUWV *RVVLS (QWHUWDLQPHQW (YHQWV /RFDO 2SLQLRQ /LIH 6W\OH 3KRWRV 0RUH6HFWLRQV
(DWV )DVKLRQ +HDOWK 7 UDYHO +RURVFRSHV 3HWV &RIIHH%UHDN <RXU1HZ<RUN 3KRWRV &ROXPQLVWV /LIH 6W\OH%ORJV

+RVSLWDO'LUHFWRU\

 (P DLO 3ULQW )DFHERRN 7Z LWWHU

$UWLFOH &RPPHQWV

+RZFDQ,EUHDNP\VXJDU
DGGLFWLRQ"
$'',&7,216 $16:(56

)ULGD\-XQHWK$0 9LVLWRXUQHZ
7 UDYHO6HFWLRQ
%,//0DU\%HWKZULWHVWKDWKHU\HDUROG 5(/$7('1(:6
([SORUHGHDOVKLGGHQ
VRQ$OEHUWNHHSVEHJJLQJQLFNHOVDQG
(DWLQJORZIDWGRHVQ
WKDYHWREH YDFDWLRQILHVWDVWKHEHVW
GLPHVIRUFDQG\EDUVIURPSHRSOHLQWKH
KLJKFRVW FUXLVHVDQGORQJ
VWUHHWHYHQWKRXJKKHLVWZHQW\SRXQGV
ZHHNHQGHVFDSHV
RYHUZHLJKW
*212:
'$9(6R,EHWDUHPRVWRIKLVIULHQGV+H
JHWVWDFLWDSSURYDOIRUEHLQJRYHUZHLJKW
(',7 256
3,&.6
IURPWKHZRUOGKHVHHVDURXQGKLP$
ZRUOGWRERUURZDQRIWXVHGZRUG
+DPVWHU"*HUELO"1RLW
V
V\QRQ\PRXVZLWKDGGLFWLRQWKDW¶VGHHSO\LQGHQLDO
6QRRNLLQVLGHWKDWEDOO
%,///HWPHWKURZWKLVLQ'U&KDUOHV5DLVRQRI(PRU\8QLYHUVLW\0HGLFDO6FKRROVD\V 5HDOLW\79
VWDU
SUDFWLFHVIRU
WKHUH¶VVFLHQWLILFHYLGHQFHWKDWHDWLQJDFWLYDWHVWKHVDPHEUDLQDUHDVWKDWDUHWKHSULPDU\ WRQLJKW
VEDOOGURSORYHWKH
WDUJHWVRIGUXJVRIDEXVHDQGIRRGVKLJKLQVXJDUIDWDQGFHUWDLQFDUERK\GUDWHVDUH SODVWLFFXS6QRRNV
HVSHFLDOO\OLNHO\WRVWLPXODWHRXUEUDLQLQZD\VWKDWFDQEHFRPHDGGLFWLYH

'5'$9($QG\HW,GRQ
WWKLQNZHKDYHWKHVFLHQFHWRVXSSRUWWKHQRWLRQWKDWVXJDULV
+DSS\ 6WLQNLQ
1HZ< HDU
DGGLFWLYHVD\V6DPDQWKD+HOOHUDXWKRURI*HW6PDUW6DPDQWKD+HOOHU
V1XWULWLRQ
1RWUDVKSLFNXSWLO0RQGD\
3UHVFULSWLRQ)RU%RRVWLQJ%UDLQ3RZHU 2SWLPL]LQJ7RWDO%RG\+HDOWK)RUHYLGHQFH
VKHFLWHVDQDUWLFOHLQWKHMRXUQDO&OLQLFDO1XWULWLRQWKDWIRXQGWKHUHLVQRHYLGHQFHWKDW *DUEDJHUHPRYDOVWUHHW
VXJDURUDQ\IRRGIRUWKDWPDWWHUFDQDFWXDOO\EHFRPHDGGLFWLQJWRKXPDQV VZHHSLQJVWLOOGD\VDZD\VD\V
1<&VDQLWDWLRQERVV
%,//'DYHDUJXPHQWVEHWZHHQSURIHVVLRQDOVDUHRYHUP\KHDG:KHUHGRHVVHOI
FRQWUROFRPHLQWROLWWOH$OEHUW೦೦೦ VFDQG\FRQVXPSWLRQ"
5XVVHOO%UDQGOLNHO\ LQW KH
'5'$9('U-DFRE7HLWOHEDXPKDVEHHQRQHRIRXUQDWLRQDOH[SHUWVRQDPHGLFDO GRJKRXVHIRUW ZHHWLQJ
UHVSRQVHWRFRPSXOVLYHVXJDUFRQVXPSWLRQIRUWKHSDVW\HDUV+H¶VEHHQJHWWLQJDORW 7+,6SLF
RISUHVVIRUKLVQHZO\UHOHDVHGERRN%HDW6XJDU$GGLFWLRQ1RZ7KHUHDUHIRXUGLIIHUHQW
VXJDUDGGLFWLRQVKHVD\VDQGJRHVLQWRKRZWRUHFRYHUIURPWKHP$QG\HV%LOOWKHILUVW 7KHIXQQ\PDQSRVWHGWKLVSKRWR
VWHSLVH[HUFLVLQJZLOOSRZHUDQGFXWWLQJEDFNRQWKHLQWDNH RIZLIH.DW\3HUU\ZLWKQRPDNH
XSRQDQGTXLFNO\GHOHWHGLW
%,//2QHGHILQLWLRQRIPDWXULW\LVSXWWLQJRIISOHDVXUHLQWKHSUHVHQWIRUDJUHDWHUUHZDUG
WRPRUURZ%XW,FDQ¶WVD\WKDWPDQ\DGXOWV,NQRZZRXOGKDYHWKHSDWLHQFHIRUDSURJUDP :KDWLVVKH
GRLQJ"
RIVXJDUVWDUYDWLRQOHWDORQHNLGVOLNH$OEHUW .DUGDVKLDQVSRUWVEUDLGV
'5'$9(%RWKVLGHVRIWKHVXJDUDGGLFWLRQGHEDWHJHWFDXJKWXSLQZRUGJDPHV,VLW 5HDOLW\79VWDUOHWLV
LQGHHGDQDGGLFWLRQRULVQ
WLW"7KHVDPHGHEDWHZDVFDUULHGRQDERXWPDULMXDQDLQWKH SKRWRJUDSKHGZHDULQJWLJKW
VZDVLWDKHDOWK\\RXQJDGXOWVXEVWLWXWHIRUWKHGUXQNHQHYLOVRIWKHLUSDUHQWV¶ FRUQURZV927(+RWRUQRW"
ZKLVNH\DQGJLQ"2UZDVLWDWLFNHWWRLQVDQLW\DVSRUWUD\HGLQWKDWHSLFSXEOLFKHDOWKILOP
5HHIHU0DGQHVV"
7KHPRVWQRWRULRXV
%,//,WZDVQ¶WXQWLODJURZLQJSRSXODWLRQRIEXUQHGRXWXQHPSOR\HGSRWKHDGVEHJDQ 7ZLWW HUPRPHQW VRI
FORJJLQJWKHVRFLDOVHUYLFHVDJHQFLHVRIWKHVWKDWHYHQWKHGLHKDUGGHIHQGHUVRI 'HPL0RRUHWZHHWLQJRISLFV
WKH³JLJJOHZHHG´FDPHWRVHHLWFDUULHGDKHDY\SULFH KHUVHOILQDELNLQLZDVD
3UHYLRXV3DJH    1H[W3DJH PLOHVWRQHLQVWXSLGLW\

UHWZ
6KDUH  UHWZ HHW
HHW
(0$,/ 35,17 <$+22%8== ',**
<RXPD\DOVREHLQWHUHVWHGLQ
'LHWDQG1XWULWLRQ
+HDOWKDQG)LWQHVV
6XJDUVDQG&RUQ6\UXS
-DFRE7HLWOHEDXP
0RPGDXJKWHUDFFXVHGRI

PROHVWLQJVDPHWHHQER\
IRU\ HDUV
'(/,&,286 6+$5(
3ROLFHVD\WKHSDLUGLGLWZLWKRXW
NQRZLQJDERXWHDFKRWKHU¶V
UHODWLRQVKLSZLWKKLP
6DPDQWKD+HOOHU $UJRV\8QLYHUVLW\
0DU\%HWK $%&,QF
6HDWWOH &KDUOHV5DLVRQ
'DYLG0RRUH (PRU\8QLYHUVLW\6FKRRORI
0HGLFLQH

Q\GDLO\QHZVFRP¬BKRZB¬ 
 +RZFDQ,EUHDNP\VXJDUDGGLFWLRQ"
$GVE\<DKRR
:RPHQ6XJDU&UDYLQJV"
6ROYHWKHXQGHUO\LQJUHDVRQ\RXFUDYHVXJDUDQGVZHHWV:HFDQKHOS
ZZZZRPHQWRZRPHQFRP
'UXJ5HKDE
'UXJ$GGLFWLRQ7UHDWPHQW 5HKDE)UHH,QIRUPDWLRQ*HW+HOS7RGD\
ZZZ'UXJV$GGLFWLRQ+HOSFRP
6080HGLFDO6FKRRO
+LJK860/(3DVV5DWH6DIH%HDXWLIXO/RFDWLRQ
ZZZVWPDWWKHZVHGX

5(&(17 &200(17 6)520'$,/<1(:65($'(56

FRPPHQWV _ 6HH$OO&RPPHQWVª 7RFRPPHQW5HJLVWHURU/RJ,Q
>'LVFXVVLRQJXLGHOLQHV@
2ULRQ
%(67 2)1<'1&20
$0 7KDQN\RXIRUWKLVDUWLFOH,KDYHVHQWLWRQWRDIULHQGZKRPXVWVWD\
-XQ DZD\IURPVXJDU2QHVPDOOELWHRIFDNHRUVRPHWKLQJVZHHWDQGVKH -RKQ0HOOHQFDPS ZLIH
ZDQWVPRUHDQGPRUH,W
VGLIILFXOWWRHLWKHUZDWFKRUOLVWHQWRKHU,W
V VSOLWDIWHU\ HDUV
OLNHZDWFKLQJDGUXQN6KHGRHVEHORQJWR2$,DSSUHFLDWHWKH 7KH*UDPP\ZLQQLQJVLQJHU
PHQWLRQRIWKDWRUJDQL]DWLRQLQWKHDUWLFOH7KDQNVDJDLQ(QOLJWHQLQJ
DQGIRUPHUVXSHUPRGHO(ODLQH
5HSRUW2IIHQVLYH3RVW ,UZLQKDYHWZRVRQV

&OLFN+HUHW RVHHDOOFRPPHQWVRUWR5HSRUW$EXVH )RUJHW)RXU/RNR%RR]H

LQIXVHGFKRFRODW HPLON
XSGDWHVNLGFODVVLF
$GXOW&KRFRODWH0LONPL[HV
WUDGLWLRQDOFKRFRODWHPLONZLWK
SURRIYRGND

6SLF\ 0DQVD\ V
OHZGDFW

GXHWRLWFKIURP7DEDVFR
VDXFHRQJURLQ
0DQDUUHVWHGIRULQGHFHQW
H[SRVXUHRQDLUSODQHDIWHUWHHQ
JLUOFRPSODLQV

7KH-HWV
VFDQGDOSODJXHG
<($5,15(9,(: 5HDG\RXUIDYRULWHFRPLF
6H[XDOKDUDVVPHQWD'8,IRUD RQWKH'DLO\1HZV
VWDUSOD\HUDFRDFKWULSSLQJDQ
RSSRQHQW

1HZ;UDWHGSLFVDOOHJHGO\
RI5H[5\ DQ
VZLIHKLW ZHE
-XVWZKHQ5H[5\DQWKRXJKWKH
ZDVEDFNRQVROLGIRRWLQJLW
DSSHDUVWKDWDQRWKHUVKRHKDV
GURSSHG

6DLQ]KDUDVVPHQWVKRZV
*DQJ*UHHQ
VWUXHFRORUV
0H[LFDQWHOHYLVLRQUHSRUWHUZDV
VXEMHFWHGWRFUXGHEHKDYLRUIURP
DQXPEHURI-HWVSOD\HUV

$QGW KHQW KHUH

VWKH
6WHUJHU
VH[WLQJ
VWRU\
1)/ILQHV%UHWW)DYUHNIRU
QRWFRRSHUDWLQJZLWKSUREHLQWR
;UDWHGSKRWRVVHQWWR79KRVW

*RQHEXWQRWIRUJRWWHQ
7KRVHZHORVWLQ
,10(025,$05HPHPEHULQJ
WKHLFRQLFSHUVRQDOLWLHVZKR
SDVVHGDZD\WKLV\HDU

7KHPRVWRXWUDJHRXV
PRPHQW VRI
3+27266PRNLQJEDELHV
EHGEXJVDQG.DW\3HUU\IODVKLQJ
(OPRZKDWD\HDU

025()520'5'$9,'0225(
$1'%,//0$19,//(

$GGLFWLRQV $QVZHUV'ULQNLQJPHGVIRU
DOFRKROLFVGHQLDOLQDERWWOH"
$GGLFWLRQV $QVZHUV
,
PDVKDPHGRIP\
DGGLFWLRQWRSRUQ

$GGLFWLRQV $QVZHUV0LOH\&\UXVSDUW\GUXJV
DQGRWKHUWHHQWHUURUV
$GGLFWLRQV $QVZHUV&DQ\RXUHDOO\EH

Q\GDLO\QHZVFRP¬BKRZB¬ 
 +RZFDQ,EUHDNP\VXJDUDGGLFWLRQ"
DGGLFWHGWRORYH"
$GGLFWLRQV $QVZHUV1DUFRWLFV$QRQ\PRXV
WRRNP\GDXJKWHUDZD\

025()520+($/7 +

'RQ
WOHWKDQJRYHULQWR
$GGLFWLRQV $QVZHUV'ULQNLQJPHGVIRU
DOFRKROLFVGHQLDOLQDERWWOH"
&LW\GHDWKUDWHIDOOVWRORZHVWOHYHOHYHU
6FLHQWLVWVEHJ3OHDVHGRQ
WWDNHPHGLFDODGYLFH
IURPWKHVHSHRSOH
*HWUHDG\WREH*5266('RXWSODFHVZKHUH
JHUPVORYHWROXUN

0267 3238/$5
0RVW5HDG 0RVW'LVFXVVHG 0RVW(PDLOHG

 +RZGRHV+HOHQD%RQKDP&DUWHUFRSHZLWKD
VQRULQJKXVEDQG"$GMRLQLQJKRXVHV
 1RRR.LPWUDGHVLQOXVFLRXVORFNVIRUFRUQ
URZV
 :KDWWKH00;,"+DSS\1HZ<HDUIURP*RRJOH
 %55555:KDWGRHVWDNLQJWKH
SRODUEHDU
SOXQJH
GR\RXUERG\"
 :HLJKW:DWFKHUV
QHZV\VWHPKDVGLHWHUV
ORVLQJWKHLUPLQGV
 &OXEGUXJHFVWDV\FRXOGKHOSSHRSOHZLWK
DXWLVPSRVWWUDXPDWLFVWUHVVV\QGURPH
VWXGLHV
 .DW\3HUU\
VERG\RIZRUN
 $GXOW&KRFRODWH0LONLVDQDOFRKROLQIXVHGWZLVW
RQDFKLOGKRRGFODVVLF
 %XUJHU.LQJP\VWLILHGE\ODFNRIHQWKXVLDVPIRU
:KRSSHUZLWK%UXVVHOVVSURXWV
 $EVROXWHO\KRW6WRPDFKVRIWKHVWDUV

%$&.72723

0HGLD.LW 566 +RPH'HOLYHU\ 0RELOH 1HZVOHWWHUV 3ODFHDQ$G $ERXWRXU$GV &RQWDFW8V $UFKLYHV )$4
V 6LWH0DS

1HZV 6SRUWV (QW HUWDLQPHQW /LIHVW\ OH *HW+RPH'HOLY HU\ $GYHUWLVHZLWKWKH1<

7DNHDGYDQWDJHRIWKLVVSHFLDORIIHU 'DLO\ 1HZV
1DWLRQDO 0/% 0RYLHV (DWV
DQGVDYHRIIWKHQHZVVWDQG
:RUOG 1)/ *RVVLS )DVKLRQ SULFH*R1RZ 9LHZRXU0HGLD.LWDQGOHDUQDOODERXW
3ROLWLFV 1%$ &RIIHH%UHDN +HDOWK KRZWRDGYHUWLVHZLWKXV*R1RZ

&ULPH 1+/ 0XVLF $UWV +RURVFRSHV

8VHRIWKLVZ HEVLWHVLJQLILHV\RXUDJUHHPHQWWRWKH7HUPVRI6HUYLFHDQG3ULYDF\3ROLF\
‹&RS\ULJKW1<'DLO\1HZ VFRP$OOULJKWVUHVHUYHG

Q\GDLO\QHZVFRP¬BKRZB¬